Did you know that it’s possible that there are inaccuracies on your credit report? That’s right, there could be discrepancies on your credit report that you don’t even know about. If this isn’t concerning to you then I would like to ask, Why? The Fair Credit Reporting Act (FCRA) requires the three main credit reporting agencies (Equifax, Experian and TransUnion) to make sure that the information listed on your credit report is accurate and true.
Check Contact Information
Make sure that all of your contact information (email, phone number, physical address) is correct. Credit reporting agencies need to have an accurate email address and phone number for you in order to alert you about any discrepancies. Otherwise, it can be difficult for you to resolve problems that arise with your credit report.
Check all account numbers
Go through each of your accounts and check the account numbers. If you discover discrepancies, you should file a dispute. In order to do so, you will have to contact each of your three credit bureaus (Equifax, Experian and TransUnion) individually. It is a good idea to log into your accounts with these companies first before making any requests to review or change information on your report.
Clearly identify each mistake
Mistakes can happen in your credit report—the only way to truly know is to pull your report. Each bureau (Equifax, Experian and TransUnion) has a different process, so pay close attention: Contact them in writing; provide proof of each mistake; include an explanation as to why it should be removed; keep copies for yourself. In many cases, you’ll have 30 days to dispute items that appear on your credit report. If you find something wrong with your record, you’re entitled to see what’s being reported and correct any mistakes or oversights immediately. But remember: You aren’t allowed access to free reports more than once every 12 months unless one of those reports reveals mistakes or fraudulent activity.
Prepare a careful explanation of each discrepancy
Each person can request a free copy of their credit report once a year. By reviewing your credit report carefully, you may find important information that could affect your financial future. With each discrepancy that you find, write a detailed explanation and include all the relevant information. The more information you give, the better chance you have of getting these things removed or corrected. Take note of all documentation that supports your case. Use terms like verifiable and documented when detailing why something should be removed from your credit report.
Request that each discrepancy be removed or edited
Generally, credit bureaus have 30 days to respond once they’ve received your dispute. At that point, you should contact each bureau again with a request for removal. If you don’t get a response in 60 days or you don’t agree with what was reported, start over at Step 1 and begin disputing it again. If you have been sent to collections or have been sued because of one of these discrepancies, you may want to consider filing for bankruptcy protection instead. Filing bankruptcy is as simple as contacting a bankruptcy attorney for a free case evaluation. There are many options available to individuals who wish to file, including Chapter 7 (liquidation) and Chapter 13 (wage garnishment). It is important that anyone considering bankruptcy discuss their financial situation thoroughly with a knowledgeable legal professional.
Enclose a copy of your report showing the discrepancy
Here is a sample of how you can approach this with all the proper documentation:
I have enclosed a copy of my credit report. Please note that there is an error for a company called XYZ corp. The contact number for XYZ corp should be 123-456-7890, not 987-654-321, which is listed as correct. The correct address for XYZ corp is 555 Main Street, San Francisco, CA 55555.
Compiling a comprehensive list is going to give you the best chance of getting things corrected.
Just to be clear, I am disputing all three of these errors in my credit report. Please correct them at your earliest convenience. Also, I would like a written response stating that you have taken care of these errors.
If you have any questions, book a free case evaluation and we can help you with your best next steps to take.